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How Much To Spend On An Engagement Ring

By Edited Nov 13, 2013 0 0

How Much To Spend On An Engagement Ring

Find the ring for your budget

How Much To Spend On An Engagement Ring

If you're shopping for an engagement ring, you've probably noticed that the prices for these items varies greatly, seemingly without good reason. If you're trying to figure out how much to spend on an engagement ring, it can be a tricky thing, and it has a lot to do with your budget, expectations and the needs of your partner. Time was you had a firm and fast rule as to engagement ring prices, but now things are very different. We are swamped by choice, and while this is great for finding a unique piece, it makes the decision of price point quite a bit more difficult. 

This article is all about how much to spend on an engagement ring. We'll talk about the typical price points, the relationship between rising price and ring quality and diamond size, and engagement ring average cost. Hopefully you will learn exactly how much to spend on an engagement ring by reading! There is a catch, however: this article will only equip you to make better choices, it won't do the hard work for you.

Let's begin and learn how much to spend on an engagement ring!


How Much To Spend On An Engagement Ring:

Determine Your Budget

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Realistically, if you're trying to figure out how much to spend on an engagement ring, you should look at your budget and figure out what is reasonable. As mentioned earlier there are no hard and fast rules to guide you on this, and the fact is you can find rings for virtually any price point (within reason). The size of the diamond and the quality of the gold may suffer for it, but you can make almost any amount work. 

To figure out how much to spend on an engagement ring, it's worth looking at the general rule of thumb with a ring. Generally speaking, you should budget a full two month's salary to spend on this item. This means the full amount without taking into consideration your monthly expenses, bills, etc. It's a lot of money, and it will require some planning if you do it this way. 

If you're in a real financial pickle (with heavy mortgage payments, or a low salary) you might want to consider lowering that amount slightly to something you're more comfortable with. Determining how much to spend on an engagement ring is a subjective task. Engagement ring prices are high, and you don't want to be going deeply into debt over it. 


How Much To Spend On An Engagement Ring:

Cut Cost Without Cutting Quality

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If you're looking into how much to spend on an engagement ring and realize that your budget won't stretch as far as you previously thought, there are ways to spend a little and get a lot. There are three major expenses with purchasing a ring. First there is the diamond, which is usually the largest expense in the thing. Next is the gold: gold is expensive and prices are rising due to our rough economic outlook. Lastly you'll pay for the craftsmanship of putting the ring together.  You may also pay a premium for well known brands, but that's up to you.

If you opt for a diamond with slight inclusions (imperfections) that aren't really visible to the naked eye, you'll save a bundle. Likewise, if you opt for a slightly colored diamond or a smaller stone, you'll save a lot of cash. A very small difference in carat weight can make thousands of dollars of difference. Remember, you're learning how much to spend on an engagement ring, not just the diamond. If you can't afford a massive, perfect stone, make up for it with unique design!

Gold quality also makes a difference. If you want to save up to half, ask for 14K gold instead of the typical 18K. This just means there's less gold in the alloy, but it will still look and feel like a more expensive ring. If you don't look at the number stamped on the inside, you'd never know. Also a lower karat gold is stronger and more scratch resistant. 

Unbranded rings are less expensive. When you're determining how much to spend on an engagement ring, don't use the fancy brands as a starting point. There is always a lot of inflation surrounding these brands, and usually for no other reason than the name attached. Go to a custom ring maker and you'll save a bundle. 


How Much To Spend On An Engagement Ring:

Average Prices

To answer the question of how much to spend on an engagement ring, it must be admitted that there isn't a quick answer. You'll need to determine exactly what you can afford reasonably. Remember not to be too stingy with the ring, since your significant other will be wearing it for the rest of their lives. Start with the 'two month's salary' rule and see where that takes you. If you need to spend less, be creative! I'm sure you'll come up with a way to find a fabulous ring well within your budget. 

Good Luck!


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